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IlI. Financial Condition
39
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Report of the Auditing Committee
of the National Academy of Sciences
Dear Dr. Alberts:
In accordance with Bylaw V-6 of the National Academy of Sciences, the firm of KPMG LLP was
retained to conduct an audit of the accounts of the Treasurer for the six months ended December 3l,
199S, and to report to the Auditing Committee.
The independent accountants have completed their audit of the financial statements and have submitted
their report, a copy of which is attached, concerning financial statements to which they refer. The
Auditing Committee has reviewed the report and recommends its acceptance in compliance with the
governing bylaw and that the opinion of the independent accountants be published with the report of
the Treasurer.
Respectfully submitted
ELKAN R. BLOUT, Chair
DAVID M.KIPNIS
ROBERT WURTZ
National Academy of Sciences
Auditing Committee
Dr. Bruce Alberts, President
National Academy of Sciences
Washington, D.C.
40
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Independent Auditors' Report
National Academy of Sciences Auditing Committee
We have audited the accompanying statement of financial position of the National Academy of Sci-
ences (NAS) as of December 3l, 199S, and the related statements of activities and cash flows for the
six months then ended. These financial statements are the responsibility of the NAS's management.
Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audit provides a reasonable basis for
· ~
our oplmon.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
financial position of the National Academy of Sciences as of December 3l, 199S, and its changes in
net assets and its cash flows for the six months then ended in conformity with generally accepted ac-
counting principles.
KPMG LLP
March 26, 1999
Washington, D.C.
41
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EXHIBIT A
Statement of Financial Position
of the National Academy of Sciences
as of December 3l, 1998
($ in thousands)
ASSETS
Current Assets
Cash and cash equivalents
Short-term investments (note 3)
Accounts receivable - U.S. government
Other receivables (note 5)
Inventories of publications and supplies
Prepaid expenses and other
Total Current Assets
Einstein Memorial
Property and equipment (note 4)
Other assets (note 10)
Endowment and Trust Investment Pool (note 3)
Total Assets
LIABILITIES AND NET ASSETS
Current Liabilities
Accounts payable and accrued expenses
Deferred revenue (note 6)
Other liabilities
Total Current Liabilities
Long-Term Liabilities
Funds held on behalf of others (note 3)
Accrued employee benefits (note 10)
Other liabilities (note 12)
Total Liabilities
Net Assets
Unrestricted
Temporarily restricted (note 7)
Permanently restricted (note 7)
Total Net Assets
Total Liabilities and Net Assets
See accompanying notes to the financial statements.
42
$ 98
34,274
28,803
6,738
1,894
718
$ 72,525
$ 1,723
18,490
10,347
257,174
$360,259
$ 16,668
24,023
120
$ 40,811
$ 19,864
7,557
509
$ 68,741
$123,411
95,450
72,657
$291,518
$360,259
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EXHIBIT B
Statement of Activities of the
National Academy of Sciences
Six Months Ended December 3l, 1998
($ in thousands)
Temporarily Permanently
Unrestricted Restricted Restricted Totals
REVENUES, GAINS, AND OTHER SUPPORT
Government contracts and grants
Private contracts and grants
Other contributions
Fees and publications
Investment income (note 3)
Other
Net assets released from restrictions
Total revenues, gains, and other support
$ 84,347
9,365
2,528
7,283
213
984
2,579
$ 84,347
4,249 13,614
2,769
7,283
(1,644)
984
241
(1,857)
(2,579)
$107,299
$ (187) $ 241 $107,353
EXPENSES
Programs (note 8)$100,348$ $ $100,348
Management and general7,1767,176
Fund raising550550
Total Expenses$108,074$ $ $108,074
Change in net assets $ (775) $ (187) $ 241 $ (721)
Net assets at beginning of the year
Net assets at end of the year
See accompanying notes to the financial statements.
124,186 95,637 72,416
$123,411 $95,450 $72,657 $291,518
43
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EXHIBIT C
Statement of Cash Flows of the
National Academy of Sciences
Six Months Ended December 3l, 1998
CASH FLOWS FROM OPERATING ACTIVITIES
Change in net assets
Adjustments to reconcile change in net assets to net cash
provided by operating activities
Depreciation and amortization
Gain on sale of securities
Unrealized loss on securities
Loss on sale of property and equipment
Increase in accounts receivable - U.S. government
Increase in other receivables
Increase in inventories of publications and supplies
Decrease in prepaid expenses and other current assets
Increase in other assets
Increase in accounts payable and accrued expenses
Decrease in other current liabilities
Increase in deferred revenue
Increase in other liabilities
Net cash provided by operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment
Sale or maturity of investments
Purchase of investments
Net cash used by investing activities
CASH FLOWS USED BY FINANCING ACTIVITIES:
Payments on financing agreement
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
Supplemental data
Interest paid on obligations
See accompanying notes to the financial statements.
44
($ in thousands)
$ (721)
1,881
(4,026)
15,454
7
(2,496)
(1,269)
(20)
254
(3,570)
652
(102)
3,595
1,460
11,099
(3,992)
24,260
(29,869)
(9,601)
(1,500)
$ (2)
100
$ 98
$ 67
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Notes to the
Financial Statements
NOTE 1: ORGANIZATION AND RELATED
ENTITIES
National Academy of Sciences
The National Academy of Sciences (NAS) was formed
under a charter that was passed as an Act of Incorporation
by the United States Congress and signed into law on
March 3, 1863. The NAS operates as a private cooperative
society of distinguished scholars engaged in scientific or
engineering research, dedicated to the furtherance of sci-
ence and its use for the general welfare. The NAS is
exempt from federal income taxes under Section 501(c)~3)
of the Internal Revenue Code, except for unrelated busi-
ness income.
National Research Council
Most of the activities undertaken by the NAS are carried
out through the commissions, offices, and boards of the
National Research Council (NRC), which draw on a wide
cross section of the nation's leading scientists and engi-
neers for advisory services to government agencies and the
Congress. To respond effectively to both the disciplinary
concerns of the research community and the complex
~. · ~. ~ ~ r
ntermsc~p~nary problems lacing American society, the
NRC is organized into 10 major units that are responsible
for most study activities Commission on Behavioral and
Social Sciences and Education; Commission on Engineer-
ing and Technical Systems; Commission on Geosciences,
Environment, and Resources; Commission on Life Sci-
ences; Commission on Physical Sciences, Mathematics,
and Applications; Office of International Affairs; Office of
Scientific and Engineering Personnel; Board on Agricul-
ture and Natural Resources; Transportation Research
Board; and Center for Science, Mathematics, and Engi-
neering Education. The financial activity and results of the
NRC are included in the NAS's financial statements.
Institute of Medicine
The Institute of Medicine (IOM), established in 1970,
conducts studies of policy issues related to health and
medicine. It issues position statements on these policies,
cooperates with the major scientific and professional soci-
eties in the field, identifies qualified individuals to serve on
study groups in other organization units, and disseminates
information to the public and the relevant professions. The
IOM was established as a separate membership organiza-
tion within the NAS. The IOM's Policy Division is respon-
sible to the Executive Office of the National Research
Council. The financial activity and results of the IOM are
included in the NAS financial statements.
National Academy of Engineering
The National Academy of Engineering (NAE) was estab-
lished in December 1964 under the charter of the National
Academy of Sciences as a related parallel organization,
autonomous in its administration and in the selection of its
members. The NAE shares with the NAS the responsibility
for advising the federal government on scientific issues.
The financial activity and results of the NAE are not
included in the NAS financial statements.
National Academy of Engineering Fund
The National Academy of Engineering Fund (NAEF) is a
separately incorporated not-for-profit organization estab-
lished and controlled by the NAE to raise funds to support
its goals. The financial activity and results of the NAEF
are not included in the NAS financial statements.
The National Academies' Corporation
The National Academies' Corporation (TNAC) was sepa-
rately incorporated in 1986 as a not-for-profit corporation
for the purpose of constructing and maintaining a study
and conference facility. This facility, the Arnold and Mabel
Beckman Center, is located in Irvine, California, and
operates to expand and support the general activities of the
NAS, NRC, IOM, and NAE. The NAS and the NAEF are
50/50 joint investors of TNAC. The financial activity and
results of TNAC are not included in the NAS's financial
statements.
NOTE 2: SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
Basis of Accounting
Net assets and revenues, expenses, gains, and losses are
classified based on the existence or absence of donor
45
OCR for page 46
imposed restrictions. Accordingly, net assets of the NAS
are classified and reported as follows:
Permanently restricted: Net assets subject to donor-im-
posed stipulations that they be maintained in perpetuity by
the NAS. Generally, the donors of these assets permit the
NAS to use all or part of the income earned on related
investments for general or specific purposes.
Temporarily restricted: Net assets subject to donor-im-
posed stipulations that may or will be met either by actions
of the NAS and/or the passage of time. When a donor
restriction expires, temporarily restricted net assets are
reclassified as unrestricted net assets.
Unrestricted: Net assets arising from exchange transac-
tions and unexpended contributions that are not subject to
donor-imposed stipulations.
Contributions subject to donor-imposed stipulations that
are met in the same year as received are reported as
unrestricted revenue.
Cash and Cash Equivalents
The NAS considers excess cash that is invested in over-
night government-backed repurchase agreements and de-
mand deposits to be cash equivalents.
Investments
Equity and debt securities are reported at fair value, based
on quoted market prices. Investments in real estate mort-
gages are recorded at cost and consist of mortgages on the
principal administrative facilities that the NAS currently
occupies.
Changes in the fair value are recognized in the statement of
activities. Net gains or losses on investments are reported
as changes in unrestricted net assets unless otherwise
specified by the donor.
The NAS holds certain short-term investments for pro-
gram and operational liquidity requirements. Endowment
and trust investments are pooled for long-term investment
purposes.
Investments in this pool are administered as an open-end
investment trust, with shares of the pool funds expressed in
terms of participating capital units (PCU). PCU values are
46
used to determine equity among funds in the pool when-
ever new money is contributed or withdrawals are made.
Income earned that is not reinvested does not affect the
PCU value.
Contributions
Contributions, including unconditional promises to give,
are recognized as revenues in the period received. Condi-
tional promises to give are not recognized until the condi-
tions on which they depend are substantially met.
Gifts of land, buildings, and equipment are reported as
unrestricted net assets unless explicit donor stipulations
specify how the donated assets must be used. Temporary
restrictions on gifts to acquire long-lived assets are consid-
ered met in the period in which the assets are acquired or
placed in service.
Contracts and Grants
A major portion of NAS activities are performed under
cost-reimbursable contracts with the U.S. government. The
largest concentrations in federal contracts in terms of
earned revenue for the six months ended December 31,
1998, were the Department of Energy (approximately
19%) and the Department of Transportation (approxi-
mately 16%~.
It is the policy of the NAS to record federal contracts as
exchange transactions and recognize revenue as recover-
able costs are incurred. The costs associated with U.S.
government contracts are subject to audit by the Defense
Contract Audit Agency, which has completed its examina-
tions through June 30, 1996.
Revenue from grants qualifying as contributions is re-
corded at the time the NAS is notified of the grant award.
Such grants are classified as temporarily restricted if the
use of the grant funds is limited to specific areas of study
or restricted to be used in future periods. The net asset
restrictions are released when the funds are used for the
donor-specified purpose.
Deferred Revenue
For both grants and contracts that are determined to be
exchange transactions, revenue is recognized as the related
costs are incurred. Funds received in advance for these
grants are recorded as deferred revenue on the statement of
financial position.
OCR for page 47
Inventories
Inventories are stated at the lower of cost or net realizable
value and include supplies, work in process, and finished
goods for the publication activities of the NAS. The
majority of the NAS's inventory of publications and
supplies reside with the National Academy Press (NAP).
NAP uses the full absorption costing methodology in
pricing finished products. This methodology includes all
direct printing and related indirect costs.
Property and Equipment
Depreciation of NAS buildings and equipment is com-
puted on a straight-line basis using the following lives:
· buildings 40 to 50 years
· building and leasehold improvements lesser of the
remaining life of the building or estimated useful life
of improvement
· furniture and equipment ~ to 10 years
Improvements to leased facilities are amortized over the
remaining life of the lease. The Einstein Memorial sculp-
ture is not depreciated.
Use of Estimates
The preparation of these financial statements in confor-
mity with generally accepted accounting principles re-
quires management to make certain estimates and assump-
tions. These estimates and assumptions may affect the
reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities as of the date of the
financial statements. Actual results could differ from those
estimates.
NOTE 3: INVESTMENTS
Short-term investments and endowment and trust invest-
ments consisted of the following as of December 31, 1998:
Short-term investments
Investments reported at fair value:
Vanguard Admiral Fund
Vanguard Fixed-Income Securities
NASA Federal Credit Union
Endowment and trust investments
Investments reported at fair value:
Cash equivalents
Bonds and notes
Equity securities
Real estate mortgage - at cost
($ in thousands)
$ 7,477
73,405
164,502
$245,384
1 1,790
$257,174
Vanguard equity funds comprise approximately $110 mil
---O ~ - - -1 --- -.~
lion of the total equity securities funds.
Private equity investments, represented by limited partner-
ship interests comprised $2.2 million of the total invest
_ ~ ~ ~ . ~
. .
meets on December 31, lam. NAG had a remaining
commitment on December 31, 1998, to provide approxi-
mately $4.2 million to these partnerships.
Fair value for real estate mortgage investments approxi-
mated $24 million on December 31, 1998, estimated by
comparative analysis of like location and properties.
TNAC utilizes the NAS endowment and trust investment
pool as a means to invest certain assets. These TNAC
investments participate in the investment pool experience
along with all other funds in this pool. Earnings allocated
to the TNAC investments are reinvested with the original
investments.
The NAS's obligation to TNAC for these funds held in
trust, which totaled $19.9 million as of December 31,
1998, is reported as funds held on behalf of others on the
statement of financial position.
Investment income is reported net of investment expenses
of approximately $40,000 for the six months ended De-
cember 31, 1998, and is comprised of the following:
Interest and dividend income
Net losses on investments
($ in thousands)
$17,161
17,013
100
$34,274
($ in thousands)
$ 9,784
(1 1,428)
($ 1,644)
47
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NOTE 4: PROPERTY AND EQUIPMENT
Property and equipment as of December 31, 1998, were as
follows:
Land
Buildings arid improvements
Furniture arid equipment
Leasehold improvements
Less: Accumulated depreciation and amortization
($ in thousands)
$ 2,510
12,936
28,526
6,882
$50,854
32,364
$18,490
The NAS is the custodian of certain property and equip-
ment that is owned by the U.S. government and is fur-
nished to the NAS for work under government contracts.
The cost of these assets, which is not reflected in the
accompanying statement of financial position, was ap-
proximately $416,000 as of December 31, 1998.
NOTE 5: CONTRIBUTIONS RECEIVABLE
Pledged contributions are included as other receivables in
the statement of financial position. Donors have pledged to
provide support in the following future periods:
Years Ending December 31
1999
2000 - 2004
($ in thousands)
Totals
$3,513
1,132
$4,645
NOTE 6: DEFERRED REVENUE
Deferred revenue consisted of the following as of Decem-
ber 31, 1998:
Advances from private contracts
Advances on U.S. government grants and contracts
Subscription publications
NOTE 7: RESTRICTED NETASSETS
($ in thousands)
$15,930
3,731
4,362
$24,023
Temporarily restricted net assets were available for the
following purposes as of December 31, 1998:
Programs
Prizes arid awards
Woods Hole facility
48
($ in thousands)
$71,123
21,811
2,516
$95,450
Permanently restricted net assets are invested in perpetuity.
The income generated by these assets is to be used to
support donor-specified programs or general activities of
the NAS. As of December 31, 1998, the NAS held the
following permanently restricted net assets, classified by
the purpose for which the income is to be used:
Programs
Prizes and awards
NOTE 8: PROGRAM EXPENSES
($ in thousands)
$69,345
3,312
$72,657
Program expenses for the six months ended December 31,
1998 are summarized as follows:
Scientific arid Engineering Personnel
Transportation Research Board
Institute of Medicine
Engineering arid Technical Systems
Behavioral arid Social Sciences and Education
Geosciences, Environment, and Resources
Physical Sciences, Mathematics, and Applications
International Affairs
:ommlss~on on Life Sciences
Science, Mathematics, arid Engineering Education
Policy Division
National Sciences Resource Center
National Academy of Engineering
Board on Agriculture and Natural Resources
Other
NOTE 9: INDIRECT COSTS
($ in thousands)
$22,592
19,810
8,321
5,915
7,519
5,225
5,990
3,127
15,546
1,775
1,604
455
1,520
503
446
$100,348
The NAS received fixed indirect cost rates for the six
months ended December 31, 1998, on its federal contracts
and grants. The overhead rate was 63.13%, and the general
and administrative (G&A) rate was 22.31%. Overhead was
applied to direct salaries, accrued leave, fringe benefits,
and services provided by outside contractors (e.g., tempo-
rary personnel agencies, consultants) on NAS property.
G&A was applied to direct costs and overhead less sub-
contract costs and stipends. Therefore, both the overhead
and G&A rates were applied to projects incurring direct
salaries and other direct costs such as travel. If a project
did not require direct salaries, such as a travel grant
program, a subcontract/flow-through administration rate of
2.18% was applied. Certain other activities, such as off-site
OCR for page 49
work (not performed on NAS property), were assessed at a
reduced overhead rate of 43.45%.
NOTE 10: EMPLOYEE BENEF TS
Pension Plans
The NAS has an insured, noncontributory, defined contri-
bution pension plan covering substantially all of its em-
ployees. The plan is intended to qualify under Section
401(a) of the Internal Revenue Code and uses Teachers
Insurance and Annuity Association/College Retirement
Equities Fund (TIAA/CREF) group retirement annuity
contracts as the investing vehicle. Employees under this
plan vest immediately. The NAS has received a favorable
determination letter from the IRS on the qualification of
this plan under Section 401(a) of the Internal Revenue
Code.
In addition, the NAS has a voluntary employee contribu-
tion retirement plan that is funded solely by employee
contributions made on a pretax salary-reduction basis
under Section 403(b) of the Internal Revenue Code. The
investing vehicles under this voluntary plan are retirement
annuity contracts issued by TIAA/CREF and mutual funds
offered by the Vanguard Group, Inc.
Pension expenses for the six months ended December 31,
1998, amounted to $2.9 million. NAS policy is to fund
pension benefits as they are earned. NAS normal retire-
ment age is 65, but there is no mandatory age for retire-
ment.
Deferred Compensation
The NAS holds long-term investments as part of a deferred
compensation arrangement for certain employees. The fair
value of these investments was approximately $6.36 mil-
lion as of December 31, 1998, which are reported in other
assets. The related obligation is included as accrued em-
ployee benefits on the statement of financial position.
Postretirement Benefits
The NAS provides certain health care and life insurance
benefits for retired employees. All employees may become
eligible for these benefits if they reach normal retirement
age while working for the NAS and meet certain service
requirements. These benefits for retirees are provided by
an insurance company whose premiums are determined on
an experience-rated basis. The plan is contributory for
employees who retire after January 1, 1990. Employees
contribute 25% of the monthly premium. The NAS has
elected to recognize the initial postretirement benefit obli-
gation over a period of 20 years. The accrued
postretirement benefit obligation is reported as accrued
employee benefits on the statement of financial position.
The postretirement benefit cost for the six months ended
December 31, 1998, includes the following components:
Change in Benefit Obligation:
Benefit obligation, July 1, 1998
Service cost
Interest cost
Actuarial (gain)/loss
Benefits paid
20
73
(23)
Benefit obligation, Dec. 31, 1998 $604
Funded Status:
Benefit obligation
Plan assets
Unrecognized transition obligation
Unrecognized net actuarial gain
Accrued benefit cost
Components of net periodic cost
Service cost
Interest cost
Amortization of unrecognized
transition obligation
Expected return on plan assets
($ in thousands)
Life
InsuranceHealth
BenefitsBenefitsTotal
$531$9,656$10,187
144147
362382
142215
(315)(338)
$9,989$10,593
($604) ($9,989) ($10,593)
3,6053,605
193(464)(271)
3986,2856,683
($ 13)($ 563) ($576)
$ 3$144
20362
13
203
(135)
$36$574
$147
382
216
(135)
$610
The discount rate used to calculate the accumulated
postretirement benefit obligation was 7.00%. The trend
rates for growth in health care costs used in calculating the
accumulated postretirement benefit obligation were 9.4%
for employees under age 65 and 8.3% for employees 65+
during the six months ended December 31,1998, declining
gradually to 5.0% for both employee groups. The health
care cost trend rate assumption has a significant impact on
the postretirement benefit costs and obligations.
Postemployment Benefits
The NAS also provides certain postemployment benefits to
former or inactive employees prior to their eligibility for
49
OCR for page 50
retirement benefits. The liability for these benefits was
$614,000 on December 31, 1998. It is calculated on an
actuarially determined basis over the years the employees
become eligible and is recorded in accrued employee
benefits on the statement of financial position. The total
postemployment benefit expense for the six months ended
December 31, 1998, was approximately $77,000.
NOTE 11: NOTES PAYABLE AND LINE OF
CREDIT
NAEF Loans
The NAS has a long-term loan of $50,000 from the NAEF
for the acquisition of equipment. This loan is to be repaid
in equal installments at an interest rate determined by the
Secretary of the Treasury in accordance with P.L. 92-41
(6.00% as of December 31, 1998~. The loan obligation is
included in other liabilities as of December 31, 1998.
Total interest expense was approximately $2,000 for the
six months ended December 31, 1998.
Line of Credit
The NAS has a $7.0 million unsecured line of credit from
NationsBank with an interest rate of LIB OR (LIB OR is the
London Interbank Offered Rate, a widely used index) plus
0.40%. There was no outstanding balance on the line of
credit on December 31, 1998.
Total interest expense for the six months ended December
31, 1998, was approximately $65,000.
NOTE 12: COMMITMENTS AND
CONT NGENC ES
Leases
The NAS is committed to several noncancellable operating
leases for office space and equipment. In 2007 the NAS
may exercise a five-year renewal option on the Green/
Harris facility lease. If the NAS should exercise the option,
the annual rentals will be based on the then-market rental
rates for comparable office space in Washington, D.C.
Provided that the NAS exercises its renewal option, title to
50
the property will pass to the NAS at the end of the five-year
option period.
Future minimum rental payments due under noncancelable
operating leases are as follows:
Year Ending December 31
1999
($ in thousands)
Minimum Rentals
$ 6,157
4,953
4,713
4,677
4,633
16,102
2000
2001
2002
2003
Thereafter
$41,235
Rental expense for the six months ended December 31,
1998, amounted to $3.5 million.
Year 2000
NAS is addressing the readiness of computer systems on
which it relies for processing beyond January 1, 2000.
NAS has developed parts of an overall plan to accomplish
its Year 2000 (Y2K) objectives and is in the process of
formalizing an organization-wide project plan, including
detailed contingency arrangements.
Failure to correct a material Y2K problem could result in
an interruption or a failure of certain business activities.
Due to uncertainty inherent in Y2K issues, NAS is unable
to determine at this time whether Y2K issues will have a
significant impact on NAS operations. However, manage-
ment believes that a significant impact is unlikely due to
extensive preparations that NAS is making for this transi-
tion.
NOTE 13: SUBSEQUENT EVENT - BOND
OFFERING
In February 1999 the District of Columbia issued $65.0
million of fixed-rate and $65.0 million of variable-rate tax-
exempt revenue bonds on behalf of the NAS. The bonds
mature at various dates through the year 2039, with yields
ranging from 3.89 to 5.21%. These bonds were sold to
finance the costs of acquiring land located at 500 5th
Street, N.W, Washington, D.C., and planned construction
thereon of an office building for use by the NAS.
OCR for page 51
AS OF JANUARY 1, 1999
OFFICERS
Bruce Alberts, President
Jack Halpern, Vice-President
Peter H. Raven, Home Secretary
Sherwood Rowland, Foreign Secretary
Ronald Graham, Treasurer
FINANCE COMM ITEE
Ronald Graham, Chair
Bruce Alberts
Elkan R. Blout
Mildred Dresselhaus
David M. Kipnis
Lawrence R. Klein
William Rutter
Paul A. Samuelson
Frederick Seitz
TOM Representative: Gail Warden
BUDGET AND INTERNAL AFFAIRS COMMITTEE
Ronald Graham, Chair
Marye Anne Fox
Ralph E. Gomory
Jack Halpern
David M. Kipnis
William Rutter
AUDITING COMM ITEE
Elkan R. Blout, Chair
David M. Kipnis
Robert Wurtz
FINANCIAL MANAGEMENT STAFF
Archie L. Turner, Chief Financial Officer
Therese Swetnam, Director of Accounting Office
51
Representative terms from entire chapter:
six months
